Brokerages Set Garmin Ltd. (NYSE:GRMN) PT at $210.80

Garmin Ltd. (NYSE:GRMN) has received a consensus rating of “Reduce” from the five brokerages that are presently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $210.80.

GRMN has been the topic of a number of recent research reports. JPMorgan Chase & Co. boosted their target price on Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Tigress Financial boosted their price objective on shares of Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a research note on Wednesday, February 26th. Morgan Stanley upgraded shares of Garmin to a “sell” rating and raised their target price for the stock from $164.00 to $171.00 in a research note on Tuesday, February 11th. Finally, Barclays boosted their price target on shares of Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a research note on Thursday, February 20th.

Garmin Price Performance

Shares of Garmin stock opened at $214.67 on Tuesday. The firm’s fifty day simple moving average is $217.09 and its 200-day simple moving average is $202.05. Garmin has a 12 month low of $138.86 and a 12 month high of $246.50. The stock has a market capitalization of $41.30 billion, a price-to-earnings ratio of 29.37, a PEG ratio of 1.36 and a beta of 0.96.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.51. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The business’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.72 earnings per share. Analysts anticipate that Garmin will post 7.8 earnings per share for the current year.

Garmin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be issued a $0.90 dividend. The ex-dividend date is Friday, March 13th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.68%. Garmin’s dividend payout ratio is presently 49.25%.

Insider Buying and Selling

In other Garmin news, CEO Clifton A. Pemble sold 7,202 shares of the business’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total transaction of $1,635,862.28. Following the sale, the chief executive officer now directly owns 149,525 shares in the company, valued at approximately $33,963,108.50. The trade was a 4.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Patrick Desbois sold 6,911 shares of the firm’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $227.15, for a total value of $1,569,833.65. Following the completion of the transaction, the chief operating officer now owns 63,048 shares of the company’s stock, valued at approximately $14,321,353.20. This represents a 9.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,342 shares of company stock valued at $5,486,094. Corporate insiders own 19.54% of the company’s stock.

Institutional Trading of Garmin

Several institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank purchased a new stake in Garmin during the 4th quarter worth about $396,184,000. FMR LLC grew its holdings in shares of Garmin by 40.8% during the third quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock worth $664,540,000 after buying an additional 1,093,219 shares in the last quarter. Montrusco Bolton Investments Inc. acquired a new position in shares of Garmin in the third quarter valued at approximately $53,252,000. Northern Trust Corp lifted its stake in shares of Garmin by 20.2% during the fourth quarter. Northern Trust Corp now owns 1,708,495 shares of the scientific and technical instruments company’s stock valued at $352,394,000 after buying an additional 286,765 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its position in Garmin by 1,580.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 287,283 shares of the scientific and technical instruments company’s stock worth $50,570,000 after acquiring an additional 270,186 shares during the last quarter. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.